TR 94 063

!"#$&%"%"')(!*"+,-/.!(!01.3234657.!8"%"'9+":4<;=$>?3@"A"@
BCD FE& G"!H!IJLKMGD MNFPODKQ!NRJS JLKUT?V! WSK"MXWYZ [KOR WY\ODKMFKOX]O^V_]WJ#>`

a*bcde9fZ$g+H+hF8"0
$jik;l,nmop$q;rm?2sut*(v'9hFsw*P+x&')(vb3a.ey.$g0z:"*Pa'9e9fs>(vH@"@{H{F{|{BP
!{PCD E& GP!}v~u MNF"O^J OXFUKMGDKMV_]WP"g" MNXM!W

"YZNFJLKG"M/PF!OJ#Hà*3bcFaY%g$g+H+hF8"0
m}2s7t*(!'9hs*"+6f.!*Pa2D*Si\*"sut?hFey'+F:"}@"@{HA{3|A"
> "]W"

! KMWY!M MV_/gZ MNBnV_"MMV_WNV_"OXH"M!MWJDgGP J!
\ YWZS_D MN
ByNFG"!nV_"MMV_WN/V_"Oj"M!MWJ MN/y F!W_[nV_"MMV_WNXV_POX"M!MW_J#<V_6 ¡~

!6 ~7IIuS¢7£"n@"¤nFF
IuWV_FWIuMFK !_JLKWH@"@"¤
ACD F¥¦ W]F §ÜKM WSKOXgu©«ªu [FKOR WSK"M/ 3G""SKWO¬"

NFG"gV_PMMV_WSK "KW#jà*bc®e9f
$>++hF8"0$jik;,Lmon$&;rm}2s7t*(!'9hs*"+lx&'(!ba.3ey.$>0z:"*"a_'e9fFsg(!3@"@"B"¤"¤|"¤{
3> ¯ G OXV_FK? MN/& FL PKn<vHKM 7W°KOjg 3G""SKWORJy"TMNPKMG= XJ° JS&±FnV_"MMV_WNlJS M
MFKMG/JS]G" / j±FnV_"MMV_WN/GP #$>0 :P*"a_'e9fsD'9b!8&@"@"F""B3|"@"A
² H¥³JSWF"/ MN~& }´7 Hk yµ M6<v¶ 3KMW 3KMFKMGXSKNFG"!nV_PMMV_WN· MN¸FK)V_PMMV_WN·V_"OXH"M!MWJ
PM91KM#}$>0 :P*"a_'e9fsD'9b!8&¹Pº»A}@"@"¼{FB"B3|{A{
B
£KMV_ KMV_ "J°J\X "V_WY"\k¹<©ª_ºkH! PJS"FW!& &¹y"G ºª\ PJSJ! \
]J WWY"W 3
W°KOj"uWg 3G""SKWO¬K)JD¹\©

ª<©
º D¹
ª_º_
¯u"W"g
J OXDWV_MFKP]RV! M·HX]JSN W/OR 3KMW 3KM¶W/¹L_[¼ "V_W ºODKMFKOX]O NFG"RV_]W}¹Yº7"&W
ODKMFKOX]O !YW_[«V_]W ¹YºH!W7!!M¶W

/GK !M MNFJ/ MN& KM Oj"WSKQ!N WSKOX! ¹}¹"ºº_
JS6 #D¹ ¹"ººk!uKMJS!WSK"M6
$&%(')+*-,&.0/213/546/5)798
¥³ MWkWXW M/C& PKNRE& YG"!

y"7]JS_y]F NPKJV_]JJLK"MJ
:;/2<=/2>?/5)+%/28
!g²¼ ¢\!SK M6³ 2@Z 7E& MN ~& 7

]SKOX_U &#F£V! M9TJ°WJS V_ MN¨JS _JS·V_!WSKUT?V! WJBA M
KOXY" "ND _ 3U_ 3G"PSKWO "

±Fy !YW_[RV_"MMV_WSK "KW#¼mop$q;DC*Pha_+8"0}*"+ i\*"sut?hFey'+F:"F"3@"@"B
3F!|?3{
gú §D CuKMFKWQ"P§Z FED E& Q M" } MND³ GED "OX"MJ°" ?3#IH7MDW7JSW]V_W]Y\W7JSJSW!O ODKMFKOR 3
NFGPgV_]WJKM DGP #}m}eyh%P'. (g'+¸x')(vb3a.ey.KJ<t?ey'9sZ'ML!8"ey'*P+6@P@"¤P@"¤3|B"¤PA
BN@" CuKMFKWQ"v¶ 3KMW 3KMFKMG&W7{PyNFG"!nV_"MMV_WNV_"OXH"M!MWJ<6 G" XPM91KM#H`

a*b3c"+H%goY(va8P.0
m}2s7t*(!'9hs¦*"+ 6f.!*"a_2&*SDi\*"sut?hFey'+F:D8"+% m?23(vey.3s>(+OyoYm\\i<mQPSRUTWV"3p´\´´¢\"OX]W°KMGj£"VYK!WDJYJ!
3@"@"BF"3|@FF
z{"N@" \CuKMFKWQ· MN §D E
3KMJSW_KM6>v
¶V_"MMV_WSK PKWY V! V! "JJ Z · F!W_[ JS]JS!WjKM¨ G" MN
KWJuKMV_!Oj!MW 3kOR 3KMW!M MV_#àY*bc F+H%R$>++hF8"0}m}2s7t*(!'9hs *"+ 6f.!*"a_2X*S/i\*"sut?hFey'9+:"k3@"@{
FA3|P
D£ "´ !M6H_§MX 3G""°KWYO¦y"\NF!W!ODKMFKMGgu!W!\WV_"MMV_WSK "KW> GP DKJ\ W6 "JSW

±#>mop$q;
C*"hFa+H8"06*"+³i\*Ps7t}hey'9+:P{}@F¼BP@"B3|B"@PA
AD£ 6´ !M· MN ~& ú 6k yµ M6v¯u!W

Y" MN¶WJSWSKMGlG" ·V_"MMV_WSK PKW#¼kmoS$&;XC*"hFa+H8"0\*P+
i*"sut?hey'9+:P{}@F"¤F!|¼
Ug³ k HNFO M= MN/ ú }£ J!<v

gV__U Y"DV_"OXF_[KW NFFM ODKV>N W DJSW]V_WY]J#HàY*b
ZY(ve<$g+H+hF8"0m}2s7t*(!'9hs^*P+ f.!*"a_2Z*°Xi\*"sut?hFey'+F:"6@P"@B{3|B"{
g> 6¯> k "g_§ OR WYKN· F "V_¶WTMNPKMGNFGP=V_"MMV_W°K PKW· MN¶ "V_PKMG Y"JYV_!MV_J#
`
a*bc?T"aY%Z$>++Hh8"0¼m?2sut*(v'9hFs^*"+6f.!*"a_2D*SXi\*"sut?hFey'9+:"@"@"}"33|?"¼
@g> ¯g H"gH§FUK)V! WSK"MJ DHJS!W7Y!JS!MW W°KPMXWXNFG"gV_PMMV_WSK "KW/ MNG" RSKGKNPKW#
`
a*bc[T""+H%X$g+H+hF8"0m}2s7t*(!'9hs*"+]\ *"hF+%P8"ey'*P+(&*SXi\*"sut?hFey.aqm?b'9.+Hb!.H@"@"F3|""
¤_^ 3UKUnDvKMNPKMGWY F!W_[ V_"MMV_W°K PKW³gG" JY#

moS$&;`C*"hFa_+8"07*P+ i*"sut?hey'9+:P3@""¤
3@F!|?@P@
" _^ F& 3UKU MND "k 3nW 3UK Mv¶ 3KMW KMFKMG&WByNFG"!nV_"MMV_WNV_"OXH"M!MWJ<6 G" D"M9UKM#
mHop$q;aC*"ha_+8P06*"+³i\*"sut?hFey'+F:"63@"@"BH"_|"¼

!#"$%&&' (*)'
+*
(,(-./'012'
43657 8)139
IJLKMG·WG"!M!SKVjKMV_!OX!MW 3 3G"PSKWO<7RV_"MJ°W]V_WX M KMV_Y!OX!MW 3&¹p>© ªvºnn [FKOR WSK"M³ 3
G""°KWYO 7FKV_lW FJ

WSKOXD¹
©¹ ºª_ºWYR]FKUN· ODKMFKOX]O

"G !WY_[¸V_]Wg 3G"PSKWO &£KMV_
&D¹lºW/ OX"W°KQ!N«WSKOXRH!>KMJ°!WSK"M K)J ¹ ª_º7KUWYR 3G""SKWO KJZJ°W WN«"M M·!OjW
G" 6
!W;: =<><=<
:@?8ACB&H 1\WYgMNFJ :gV_ WYNWDJSW WSKVDn Y[KOR WSK"M 3G""SKWOl <"]FKV_P
WJSWuKUWXV_]Y!MWJS]WSK"M¶KJ&JSW°K1UV_"YV_WH7&OR 3KMW 3KMlWDODKMFKOj]O NF!G"Y!gKM MNl]}N WDW
D
@:@Eyºny " 3]JR MN
¹ WY_K/O KMFKOX]O 3yW! "V_³KMJS!WSK"M6 ¦ gW¶ODKMFKOX]O NF!GP!lKM PJXH!!M
KMV_ "JSN · n "V_W"&¹_7© ªvº<7XV_"OX]WR ¸M!^JS]WSK"M6

j 3K GP"SKWO WY WZV_"Oj]WJ
¹
D @:@EyºV_"OX]WYJ jOR 3[FKOX]O " KM NPKV_WNlG" 6 ¥³gJSW"&WYgOR 3[FKOX]O"y" "V_/ 3K
¹ FD#G: E º <§uW!< "V_qKMJ°!WSK"MX7<TMN W
3K
¹FD
@: E º JS]V_gW W ¹FD
@: E ºHK)J<O KMFKOX]O MNgWY&Wg ]G"Oj!MW
WOR 3[FKOX]O "¦y"OHl D WI:@SE H"&WFKJ>]FJS/7DW¶W¶V_"OX]W/ lFV_PKMGl" y"OHD¶W
:@\E ]JpKMG¶NFM ODKVDW!J! >y77>!!¶ W¶y"OJl D W! !/MNFX PV_ Fgy"OKHD }W!M·WYXW"W
WSKOXXJSH!MW"uKMV_!OX!MW 1·V_"OX]W°KMG¶ FV_PKMG"¨KJ D¹¬© º D
FKJ "NJW/W>yU"
KMG
3G""°KWYO
LNMPO>M,QR>S*TUSMV#WX ¹S©ª_º
Y L[ZZR>\]^_TWV=^`\aMPL[Xcb\R^cV8dT
" \C!WY!ODKM&WgO KMFKOX]O NF!G"!.>
e XV_"Oj]Wg DORJLnN[f =<=<><
fag¨ MN!F "V_ [h Eikj f E
¢\"Oj]Wg Xn Y[KOR WSK"M=± ]JLKMGRWgJ°W WSKV& 3G""°KWYO MN/F!!W&OR 3[FKOX]O "¨ MN
H"
"V_ [:@E F!!= Wy"OlDWX 3U MNFJ7 PV_ FPO mDjKMlW&JLKNF] 3kG" kW
OR 3[FKOX]O "KM XNFFM ODKV&WY!"
n d,ôXcS W&ODKMFKOX]O NF!GP!&KM KJ .pqeP¹© ª_º\"7± [pqesr \

^ct WY&M_[W7P! W°KPM/KJ7 P]! V8dSM
R>SuV8v,RwM ±
SXoxyS
<XWYR ]G"OX!MWW&OR 3[FKOX]O" FD#G:@E º\R "NNPKMG[z&WDKWJ
¹ JLKNF] 3kG" 6
¶ 3KMW 3KM/± "JW>ODKMFKOj]O^\ 3U ¹FD#G:@E º
S*M r n d,ôXcS
PW/"
{ dS|\}R>ST~}` .e .8·:Pa8_tf4k'e9f

+*%". (R8"+H% 01.3e .e9f.·+Hhss.3aR*S¶'+H'ey'98"07.!%3:".!(3c 6fF.
ey*"ey8"0key'9sD.v*PaZsD8"'9+ey8P'+H'+F:8¸¹p&© 8
ª_ºY,p8_t"t}a* '9sD8"ey'9*"+*°Re9f.sZ'9+'9sDhs .3aey.y=
b3he *° %"hFa'9+:
'9+(!.a_ey'*"+¼(')(
D¹© # ª<© G<

º
8Pb!f[hF.a_2Rb!8"+.g8"+¼(%k.3a.%X'9+¶b!*"+(!ey8"+He ey'9sD.c
R>\}\*tG }!W/±IF =<=<#<"±|¶lW " 3]JjW WR± "JJS]OXJjNF]SKMG W 3G"PSKWO }!W= "JS
± E MN³!W[
H 3U&WJ°W!JX_[V_]WN7FKU± E WYM]ODH!XKMJ°!WSK"MJ/NF]SKMG
"JS D¥³ZJ°"¨T_JSWgW WWjW"W 3kWSKOXRJ°!MWKMk PJS y"&OR 3KMW KMFKMG ¹F#D G:! º
y"g
T[NKJND¹p±wy E ¹Fe ©q ynE ºYº nWW FJ
WSKOXD¹Fe ©q ynE º
WjKMV_!OX!MW ¹
D @:@yE º"M" D£KMV_
¹FD#G:º ±wn
E "77JSH!MN ¹p±wyE ¹Fe © #YE ºº6WSKOX
y"k "V_}
]J W7W"W_ 3W°KOjJSH!MW<KMRk "J°
KJD¹p±wyE ¹ ©4 #E Pe ºº( D¹S±E ©4 #E º
"
¢\ Wg >M! G"_ RV_"MMV_WSKMGKM 3U M_KG"H"J
': 1_kNFG"JuWDR MN
NPKJV! NN:
S*M r n d,ôXcS
R>SuV8v,RwM KJ±FnV_"MMV_WN}
(, w |'

/M_[WXW
/!OXO W ¶ /_[W!MJLK"MJD!OXOR W ¸KM 3n ´JJS!MWSK 3U W!J°"W W>KMJSW "N³
V_"OX]W°KMGjW ¹Yº6y"
! !j 3K-> MN\ !YWSKV_J\ XPKW7JS]=V_J
WXV_"Oj]W FD#G:3º6y"
! F!
¹
MNF : k
gO KMFKOX]O WYJS&ODKMFKOX]O^ F!W_[=V_]WJK)J ¹Dº
7S*TqTW~}

=<><=< B .g8¸(v.3e\*SD+*%". (e9f8Pe78"a. t¼8P'a@k'(!.,Sb!*"++H.b3ey.%X'9+ c .e? .
.3e F
e9f.D:"a8vtfb3a.8Pey.%!a*"s&H! 2/ba.!8Pey'+F:R8l+.>¨+*%"..D³8"+H%8"%P%"'+F: .!%:". (g¹FD#>Eyºk!*"aX.>.3a2>8"+%l0U.e
±[cD6f.+ ¹FD
}º ±D!*"a>.= .3a2j+*%". '9+! ' ¹ º! ±c
R>\}\*tG §&JJS]OjWY!
_[KJSWJk u W°KW°KPM#" $j" MN&%¨(' JS]V_gW WkW!KJ<M&NFG"
!W7!!M
MNF>!" MN DMNFD%¬ MN*) $+) p ±} 7£KMV_,) h-D )/.0) $1)UWgMNFJu2 h-D
_KW!V_"MW 3KMN KM-" h#$¦P\KM-%+h#$X \ FK)JKOjF1KJW W D K)J _KWY!V_"MW 3KMN KM3"r"

KM-%
MN}WY]J!"W!Y&_[KJSWJu DMNF4 FD

}º(5)6$1)p ±jKM \
gJ OX G"]OX!MW
JS]V_W W ¹
V! M/g]J°N/WXJS" W&_[FKJSW!MV_> jV_]W7\JLKQ!p ±jKM KU ¹FD#º p ±=KM X
7S*TqTW~}87 .3e9 =<><=< B .g8(!.e*SZ+H*%P.!(e9f8Pe8Pa.ut¼8P'a@k'(!.¼,pb!*P++.Ybey._%X'+c .3e? 6 .

e9f.X:Pa8_tf¶ba._8"ey._%va*Ps v2/8"%"%P'+F:¶8I3 .a_ey.#/: 8"+H%.!%3:".!(&¹F: >yE º\!*"aX.> .3a2> 8"+%¶0U.e± 5c6fF.+
¹D
@:3º: ± '+ 6 ' ¹FD#>ELº! ±D!*"ag.> .3a2.
'9+ c
<XV_"OjF!WYgW&Fk\V_"V_WMJYJ
7 "WRJS"W W7WY) PJSW e DMNFJ
KMlORV!JSy"NF!
KMNF!N e nV_"MMV_WN}
7S*TqTW~}<; 6f.D0U8(!e e /+H*%".!(&'+lsDb!(_,p*"a%P.a&8"a.>b!*"++H.b3ey.%X'9+[f j A c

7S*TqTW~}~ $>00H+*%".!(&e9f8"e
8"aY.gb!*"+H+.b3ey.%X'9+fa E 8Pa. ° ,pb!*"+H+._b!ey.%Fc
=.\R=\XoXcWR?>1~8@ 6f.D0U8(!e e /+H*%P.!((vb!8"+H+.%D'9+¶e9f.Xs>(!%8"0z:"*"a_'e9fFs 8"aY. e F,Sb!*"++H.bey._%Fc
A 3''2!CD
U'FE!8G
B

yU"
KMG>!OjOR XJS"JkW W
"V_j_[V_]WSK"Ml W&uFK1qF"6_[V_!W
y"
JYJLKF/WY) PJSW
"M"
"NNJ e MNFJuWDW&M_KG"PN/ 9DH \

]J!F e>_[V_]W°KPMJ7kWF"JS]/V_"
7S*TqTW~}H o&e9f.aY.g8"a.>sD*"a.ge9fF8"+[e/+*"+¼,p+H.'U:f *"aY(*S D¶'9+ 4\e9f.3+¶e9f.D018(ve,el+*%". (7(vb!8P++._%
v2je9f.gs>(9v%8"0z:"*"a_'9e9fs^8"a.>+*"+¼,p+H.'U:f*"aY(*S D c J7e9f.3aGk ')(!.!4\8"090}+*%".!(+*"ek'9+b3'%".3+ekey* D 8Pa.gb!*"+Hey8"'9+._%
'9+e9fF.Z0U8(!e e l+*%". (c
{ dS|\}R>ST~}8I $ ,p8vt"t?a*8 'sD8"ey'9*"+X*°e9f.7sD'9+'9sDhs .3aey.y b3he}b!8"+ .\b!*"sut?hFey.!%'+Dey'9sZ.( ¹ ODKM}¹ ºº4
f.3a. ')(ge9f.>(!' L!.g*SDe9f.DsD'+H'sDhFs 3 .a_ey.#X

< bhFeLc
R>\}\*tG
&! PK"]J!OXOR XJ°"J<W W7 q e _[V_]W°KPMJ7<WuFK1!9F"¶JS]=V_" \
T_JSW
_[V_]WSK"M³WYXORJLnN· 3G""°KWYO W FJWSKOX ¹lº6 3U]WY!gW FgW°KOj! ¹Fe
º_6! F!M KWY
WYR "NNFN³ 1_7NFG"J! ¶
3U_7NFG"JDV! M³jKGPM"N 7!M V_POX]WSKMG·W ¹F#
D G3: º
]J!F"MKW! WSK"MlkW&7FKU!9PW_ JWSKOX_ ¹Fe ODKM}¹ ººk7FKV_GK FJ
DW"W W°KOj

D¹ O KM}¹
ºYº
¤
$
$ >?*
4
27 0* ) * <7 /
)
4 4 /2>7?/ _7;$
. 3* > 7 4
* 2UGC,(a _/'

}!W e&H&WODKMFKOj]O¬NF!GP!KM X!W H&W !WY_[ V_"MMV_WSK PKWX j MND!W K e <¥³7GK
M GP"SKWO WY WgGK F!M ^WJ°WJKU ejKM³WSKOXD¹ ODKM6¹
ºYº MN«KU e¼}KWg"]WY]WJ
W>ODKMFKOj]Or !WY_[¸V_]WuKM j
]J WX 3G""SKWOrV_"OX]WYJ n [KOR W°KPMkWDODKMFKOX]O
F!W_[=V_]W
<D"]7FM"
NFG""WY!& "JMR Y[KOR WSK"M 3G""SKWO¬"uWFKJ7PF!O FM"7M6FW
A
J°Wg 3G""SKWOrW/V_"OX]WYZWYg_[ "V_WgJS]WSK"M¶W FJ
WSKOX ¹
= ©
# ºg¤F<"<n
FKJKJ& M
KOX" F!OX!MFW\ KU MN

"W!Y
KJS"
´ !MX MNk yµ M¡AHGK M= GP"SKWOWZV_POX]WWO KMFKOX]O F!W_[XV_]W FD#G:3º6!WY7!!MDW
GK F!MMNFJ .D¶ MN:qKMW°KOj D¹ º7FKV_ug_y!gW PJW>t¼8P'aD8"0z:"*Pa'9e9fsD /& 3UK1 JqODKMFKOX]O

¤3<OR FJ2D¹p±
F!W_[=V_]W& 3G""SKWO
© º
V! 3U)JWYXWg K& 3G""°KWYO H7] GP"SKWO NF]V_JW
M]OXH! V! 3UJW

X]JLKMGWyUP
KMGXW
g"J°! " WSK"MJ!
P 7
"JSWjMNFJ KMW&OV!JSy"NF! & 3K
KJS "nV_"MMV_WYN
¼ 7K !M3j 3K
KJS#PnV_"MMV_WN¸MNFJ FF =<><#< B MN jMNF D3 7K1 jMNF :uKJ PNNFN
W MN/V_"MMV_WYNWYZ! F! >E
SW!M DDKJ "nV_"MMV_WYNWX "V_- <K >E D KJPnV_"MMV_WN¸W :

]J!F7]JS&WDNFV_"OXHJLKWSK"M GP"SKWOrC§ WYDTMN3j 3K
KJS "nV_"MMV_WYN/MNFJ MN¸WJSWKU 3U

W!O #PnV_"MMV_WNlW D/ KWYPMRV! 3U\WWD 3KZ 3G""°KWYO Z<jG"] MWY!gW W "V_¶V! 3UW
C§
YNF]V_JXNPK 6!!MW4PnV_"MMV_WN³MNFJ!k7XJSW_ WgC§w W D· MN³V_"MMV_WD "V_J°!Wg7MNFJD
KW
3U_NFG"J>W ID 3WY!&KWJ>ODKMFKOX]O 4D¶ "J>!!M V_"Oj]WN} FK)J G"] MWY!J
!WY_[«V_]WD
KW
W WuWgORJYV_y"NF!&NF!W!ODKMN¶/C§ JSW WJ

KWDj1"uN= 3UkMNFJuW W& DV_"MMV_WNlWD

1_
NFG"J! R JSDKNF "Jg XJLKODKU) ZWY W]F Jq¹p>© ª_ºnn [KOR W°KPM 3G""°KWYOry"&W
ODKMFKOX]O^NFG"DV_]WgA3n
<lKOXP "RWY/!Sy"OR MV_&W/ 3K/ 3G""SKWO uXTJ°W¶vJS _JLKU# r]JpKMG³WyU"
KMG
!OXOR
7S*TqTW~} ! .ef F><=<#<WGf g .&8RsD88'sD8"0(nt8"+H+'9+":v*"aY.!(!e %".!b_*"sut*('9ey'*P+/*Sg8g:"aY8_tf+ 8"+H%X0U.e

e./e9f.sD'9+'9sDhs %P.:"aS..'9+ c¦6f.X:Pa8_tf '(D±H,F.3aey.y·b!*"++H.bey._%' f h <=<><hUfj')( ±H,.3aey.y
b!*"+H+._b!ey.%Fc
FK)J PNJ7WjW1" KMG 3G""SKWO
L
Y L[ZZR>\]^_TWV=^`\aMPL[Xcb\R^cV8dT t2\}RsV8d}S ^_M,^ T4vT"! S R>V#S|] =.\V
¢\"Oj]Wg DORJLnN [f F=<=<#<f g MN!F "V_ Nh,Eikj@faE
¢\ Wg >G" "NNPKMG= DMNF j D W MNV_"MMV_WSKMG[DX 3U_kNFG"J
WX PV_RkW
"JSW e MNFJKMlORV!JSy"NF!3
± e $#

n ,
d o
^ c
X S W!&_[FKJSWJ DMNFKM M"W
KMVYKNF!MWWD[r \
¢\"Oj]Wg DORJLnN JSW W°KMG W D
¢\ Wg >M! MNF : MNV_PMMV_W : WX "V_kW "JSW e MNFJ7JYV! MMN/XWYgORJLnN
3G""°KWYO^R M/NFG"" u¢ 3U WY&M!¨G" 6
¢\"Oj]W&W&ODKMFKOX]O !WY_[jV_]W D
@:3º
¹ !WY7!!M D/ MN[:uKM 6
^ct FD#G:3º7p
¹ ± V8d}S*M
± FD#G:3º%#
¹
@
¢\"Oj]WP7 "V_ODKMFKOj]O V_]W
KM ¹ º\WgJpKQ!>kWgV_"J°"MNPKMG/V_]W
KM MNJSWP 1
WgJLKQ!JukWJSgV_]WJ KM D
6#
n ,d ôXcS W!KJ&.¨&MNF&KMWYgV! "V_W]JSyWY!.r \
R>SuV8v,RwM WY&ODKMFKOj]O^ " 3]&KM
SXoxyS
£ OXF>W&M! NFGP&
KWP FKU1KW MN=KUJ OXFUKMGKJ7J°]V!V_JJLy]F ¼KMJS!WW&M! NFG"
KMWDWgV! "V_W]JuW!g MNjKMWY MNY!OX" "W& " 3]J7V_"YJS"MNPKMGWRNPKJV! _NFN
ODKMFKOX]O V_]WJKM ¹ º<Y"OW&
S*M r n d,ôXcS
B k§&NN/ 3U NFG"Ju rWjWKMV_!OX!MW 3k¹p©ª_ºnn [KOR W°KPM 3G""SKWO MN
NF!W!O KMD DM!¦Bn [FKOR WSK"M/±
^ct ± B"± V8dS*M

±
± F¹yM

º "¹p±ª
º
¢\"MJ°W]V_W D¹ º\RJ OjF1KMG! !YXNFG"g KWY/" FKUUKW
¢\"Oj]W&WgJLKQ!/kW&ODKMFKOX]O V_]W ¹ º ]GPOX!MW

WgV_"OXF!WqKMWY!JSV_WSK"M/W
V_POXZ jKMW!JSV_WSK"M6H MN/V_"MJSWY]V_W DM!¦V! "V_W]JSyWY!"
¢\"Oj]WP7 "V_ODKMFKOj]O V_]W

KM ¹ º\WgJpKQ!>kWgV_"J°"MNPKMG/V_]W
KM MNJSWP 1
WgJLKQ!JukWJSgV_]WJ KM D
PWX
7S*TqTW-;H 6f. 3 8"0Uh.Da.3eyha_+._%v2je9f.D8"0z:"*"a_'e9fFs

')(8j¹©ª_º,S8_t"t?aY* '9sD8"ey'*P+·*SN 8 k'9e9fRfF'1:fDt?a*|8,
'90U'ey2 v*"a7ª Fc
v
R>\}\*tG £KMV_±q ¶KW>U"JqW W ^<M ± w M «£KMV_¸KMV_ "JLKMG KMV_ "JSJ
WY/" FKUUKW W WDWl! "K"]J !OXOR NJ!KWDyUPJDW Wj

KW FKG" " FKUUKWWY
KMV_!Oj!MW 3 3G""SKWO !W]MJ7 =¹

©ª_ºnn [FKO WSK"M WY&ODKMFKOj]O V_]W
KM X
{ d S|\}R>ST ;8I .e .8·:Pa8_tf4k'e9f +*%". (R8"+H% 01.3e .e9f.·+Hhss.3aR*S¶'+H'ey'98"07.!%3:".!(3c 6fF.
:"'.3+¶8"0z:"*"a_'e9fFsrsZ8P'+Hey8"'+¼(g8¹
© ª_º,p8vt"t?a*8'sD8"ey'9*"+·*° e9fF.XsD'+H'sDhFs .!%:P.DbhFe*° Jk'9e9fDt?a*|8 v'901'9ey2

¹F º!cD6f.Dey*"ey8"0<.#Y t.b3ey.%Dey'9sZ. v*"a&'9+(!.a_ey'9+:_j.!%:". (')(
D¹Y¹\© 3º¹y"G º ¹y"G5}ºª º
<f.3a.N·')(e9f.>(!' L!.&*Sge9f.DsD'9+'9sZhFs^b3he'+le9f.+8P0:"aY8_tfc 8"b f 3h.3a2jb!8"+N.&8"+(#k.aY.%D'9+b!*"+¼(vey8"+He

ey'9sZ.c
R>\}\*tG
_[HV_WNJLKQ!& XKJ D¹ PG
ª º k
]J "W&_[V_WNW°KOj"£"W!¶uKJ D¹ ©
¹¹ PG º"ª_º º

><=<#<n±|
W
" 3]J<W Wk±D "JJS]OXJkNF]°KMG>W
_[V_]W°KPMXW7 3G""°KWYO `\f8(!.
!W\± F
W
3G""SKWO¦V_"MJLKJSW_J6? 1JSW!J_[V_]WN>7FKU7± ±S
E
7J OX\ G"]Oj!MW PJ}KMDW\Y!
PK"]J
JSV_WSK"MjKOXFUKJuWWSKOXuKM/ PV_X "JSuKJNFPODKM WNgWYWSKOXuy"7V_"OX]WSKMGX gV_"Oj
F!WqKMW!JSV_WSK"M MN/ XV! "V_W]J

WY!KMWFKJu "JS"7FKV_KJD¹
"G
(
º ¹l¹y"G
º
ª º_
!WHZWYRJLKQ!DWDODKMFKOX]O V_]WKM·W>TM 3\GP 6 g¯u"W>W W&W!X Y+D¹ PG }º

PJSJ! JpKMV_±KMV_Y "JSJ> = "V_WY"& B=KM! F! PJS= MN·± u]&D¹}º X
]J 6WXWY"W 3
_[V_WYN/WSKOXy" 3U PJSJ

KJ ¹¹ © º¹y"G
º
¹y"G }ºª º

=<=<>< >DW& " 3]JuW WN¶ "JJS]OXJKM³£"W!¶XNF]SKMG/W>_[V_]WSK"Ml\Wg 3G"P
!W_ F
°KWYO . W//£"WY!_[V_]WYN¶7FKU &
KM«KMV_Y "JLKMG¶"NF! D¥³ZNF_TMl`\f8(v. E MNWY
yU"
KMG£"W!B¼ \}!W
E HgW>M]OD!
<KMJ°!WSK"MJ KM¶k "J°.
LMRk PJS } 7 ]G"OX!MW6WV_"OXF!WKMW!JSV_WSK"M MN>OR 3KMW 3KMgWYV! "V_W]J<WY!" WY"W 3
W°KOj"uW W!7 YW
KJ D¹
"G © ¹ ©P #LE º ¹ #E ºº D¹ PG ©P yE ¹ ºº_
<· ]GPOX!MWDWV_"OXF!W¸KMWY!JSV_WSK"M 7!H WNP NF"]F
V_"OX]WY ¶ORJLnN} MN
]G"OX!MW<WV_"OXF!WuKMW!JSV_W°KPMXZ WkOjJSW ¼ k¢\"Oj]WSKMGgW7OJL N W FJ6WSKOXND¹}©
º k Q E E I pH ]G"OX!MWSKMGDWKMW!J°V_WSK"M/W FJWSKOX_D¹¹" E E E

yº "G
º

E p E
E P }WD7FKU!9F"³KM £"W!·BjKJ&_[V_]WN W°KOjJ! X£KMV_
WY . W ]G"Oj!MW WSK"MjP KJ_[V_]WYN/"M¶ DG" l

KW ¹E E º\NFG"J KWW FJ\W°KOj
¹¹E
E E E ºE E "G º /
]J 3U ]G"OX!MW W°KPMJ
KM k "JS[7JS]O ]·WY D¹Y¹E

Eyº" E "G º
]J!W>W"W 367PXKM¶ 3U "J°JGK J7 jW_JV_"FKMGJS]O 7FKV_ PNNJ7]¶W ¹}¹©
º6©
"G
º
¯u"W" £KMV_D "V_V_POXF!WKMW!JSV_W°KPMV_"MJLKJSWJu2¸ "YJV_!MV_J& MN jNF_!W°KPM MlNFG"
V! M "MF NPKJV_"MMV_W"M H"JV_!MV_"

WFKJX GP"SKWO V! M )J°·/_[W!MNFN WY« M³]FU NFM ODKV
3G""°KWYO
KW ¹ ©
"G
º
NF_!W°KPM MN]D¹
"G
ºkKMJS!W°KPMWSKOX"
7A
'(a1 #"$%&'& (*)'
+*
(,+-C(, /'01

43' 37
nMWFKJRJ°V_WSK"M 7RYJS!MWR M³KMV_!OX!MW_ 3 MNFPODKQ!N l"MWl¢ S 3G""SKWO W WXOR KMW_ 3KMJX
¹
©ªvºnn [FKOR WSK"MkW&ODKMFKOX]OrV_]W
KM_[V_WN¸WSKOX+ ¹¹y"G }º¹Y¹y"G
º ª_º º\H!
KMJS!WSK"M6

E& G"!KMWN "]WXKM )B3W W=NFFM ODKV! 3U¨ [FKOR WSKMGV_"MMV_W°K PKW V! M H¶NF]V_N W
NFFM ODKV! 3UOR KMW_ 3KMFKMG¶_[ "V_WZV_PMMV_WSK "KW¶KM ¹y"G

ºnnV_"MMV_WN³G"_ ·]JLKMG· MNF"ODKQ!NJ°
JLKUT?V! WSK"M6 ¸¥D]JSXWYFK)JqKNF /WYOR 3KMW KM· «¹© ª_ºnn [KOR W°KPM WYXODKMFKOX]O V_]WX "JuyU"J!
¥³]W7 PV_KMJ°!WNNFG">

KW/" FKUUKW KMWX DJS]G" D¹ ºk MNOR 3KMW 3KM D¹ º<KMV_Y!
OX!MW 1F D§J>JSW WN¸KM³WDyUP

KMG/!OXOR
KW³FKGP·" FKUUKW¶WXODKMFKOX]O V_]WZ-D¹ º&¹º
"J7JpKQ! ¹¹y"G ºª º

MN¶¹pº KJ ¹
©ªvºnn [FKOR WSK"M/ W&O KMFKOX]OrV_]W \ ]J!FWgJ°]FW°KMG

KMV_!OX!MW ¼ 3G"PSKWO OR KMW_ 3KMJk >¹H© ª_ºLn [FKOR WSK"MD}W
ODKMFKOj]OwV_]Wk
KWXFKG"j" FKUUKW
7S*TqTW-;8@ 7 .e .>8"+2&:Pa8_tf[k'e9f/sD'+H'sDhFs^bhFe(·8"+H%R0U.3e F¹ M º""¹pª }º4 <fF.a.ª ¨Fc

O0YV-/'9e9fgt?aY*| 8|v'90 '9ey2&8"ek0U.!8(!e6 D¹ ºe9fF.gsD'+H'sDhFsbhFek'+D¹ ºf8(8"0UhF. .3e_k.!.+D¹ /ª_º 8"+H%
¹ ªvº <c OLWV·-/'e9ff'U:f&t}a*|8|!'0U'9ey2&e9f.gsD'9+'9sZhFs^b3hek'9+ ¹ º7b!*"a_a.!(Lt*"+%( ey*8D¹<©¶ª_º,psD'9+'9sD8"06bhFe
*S =c
FK)J PNJ7WjW1" KMG 3G""SKWO
LNMPO>M,QR>S*TUSMV#WX ¹_
©ª_º
"
¢"OX]Wg DBn Y[KOR WSK"M=±¸ WDJLKQ!gkW&ODKMFKOX]O V_]W KM ¦]JLKMGW&KMV_!Oj!MW 3
¹p©ªvºnn [FKOR WSK"M/ 3G""°KWYO
F¹ M
º""¹p±ª º
¢\"MJ°W]V_W ¹ º\RJ OjF1KMG! !YXNFG"g
D KWY/" FKUUKW
¢\"OX]WY&WgJLKQ!RkW
ODKMFKOX]O V_]WuKM D¹ º jV_"OXF!WKMW!J°V_WSK"M6 MN/]FKUNlWgV! "V_W]J

WY!&D¹ º_

V_]WgJLKQ!«V_PMW 3KMJ7Oj"gWY M"MDMNF" g
FKJ&GK FJ M=VYK!MW&WJ°W7KUWY V_]Y!MWJ°]WSK"MlK)J&J°WSKU1
V_"YV_W MN/ 3JSDKU\W
>MNFJ &JS! WN= >ODKMFKOX]OrV_]W
< P]FKV_" V_"OX]WW/V! "V_W]JDWY!RY!JS!MW W°KPM·7X]JS/ M 3G""SKWO ³ " @3n FK)J
3G""°KWYO V_"M "!WJKMW &NPKYV_WNDG" + OR "KMG& "V_>NFG"

FK)NPKV_W°KPM 3 MN>W!MXV_"Oj]WJ
DJS]G" R(XV! 1N b!*"sut?0U.ey.}¹Dº7'9+ey.3a(!.!bey'9*"+ <uK !M/ gV_"OjF!WY?¹Dº6KMW!_JSV_WSK"MWV! PV_W]J
W!/V! M HV_"OX]WN KM WSKOXD¹lº_ ·

FKJX 3G""SKWO "J WRY"!WYWY WDGK !M ¶V_"OXF!W±
KMW!JSV_W°KPM/y"J°"OX>KMW!G"!±¶ V_"OXF!W}¹DºkKMW!_JSV_WSK"M·V! MHRV_"OX]WYNKM·WSKOXD¹Y¹}¹Dº

±Hºlº D
FKJKJ>V! 3UN8"h:"sD.+Hey'+F:e9fF./b!*"sut?0U.ey.X'9+ey.3a(!.!bey'9*"+ g
]J HKWg 1"JW "]FKV_P«V_POX]WX
M!¨V_"OXF!WKMW!J°V_WSK"MXGK F!MR >! "K"]J
JS]W°KPM6 \¥³7V_"OX]WORJLnNR PJk_y"WDG"] _ MWS!7W W
" ¡J 3G"PSKWO K)J_[V_]WN"M/ &G"_ RJpKQ!_ ¹}¹Dº

º_ 6
FKJk "NJ WgWuyUP
KMGZ 3G""°KWYO
r bS

LNMPO>M,QR>S*TUSMV#WX ^ M,^_T4vT vVL[X`b*\}R8^cV8dT
*=

"
¢"OX]W&WgJpKQ!K/ W>ODKMFKOj]O V_]W DOJL N[f ><=<=<"Gf g k"NF! ¶ jV_"OXF!W
KMW!JSV_W°KPM6 MN]FKUN jV! "V_W]JSyWY!"
K #

n d ^X`S W!qKJ.¨&MNF&KMWYgV! "V_W]JSyWY!.r \
R>SuV8v,RwM
SXoxyS
KMJS!WW&M!¨NFG"qKMWDWgV! "V_W]J
WY!"
*S M r n d,ôXcS
B
¢"OX]Wg >ORJLnN [f F=<=<><Gf g k"NF! #
#
n d,ôXcS r \
8 q© #
I6
¢\"Oj]W&WgJLKQ!
KMW!JSV_W°KPM/WXV_POXg

WYgODKMFKOX]O
KMWY!JSV_WSK"M6
V_]W7
h,Ei faE\ MN/ ]G"OX!MW
WgV_POXF!W
S*M r n d,ôXcS
¢\"MJ°W]V_W7 DM!¦V! "V_W]JSyWY!"
PWX
{ dS|\}R>ST
sD8"'9+ey8"'9+'9+:j8/sZ'9+'9sDhs
~
; ' .3+ 8/:"a8_tHf Hk'9e9f

.!%:".>bhFe*°

')(
+*%".!(D8"+%]e9f.ey*Pey8"0\ey'9sD.v*"a'9+(!.a_ey'+F: l.!%:". (Z8"+H%
D¹"?¹k© º6© "G

º
<f.3a.')(e9fF.&(!' L!.&*S&e9f.gsD'9+'9sZhFs^b3hek'9+/e9f.+H8"0:Pa8_tfc>6f.&(!'MLv.&*S&e9f.>sZ'9+hFsbhFe\b!8"+ .&*"hFe¡t?hFe

'9+b!*"+¼(ey8"+He\ey'9sZ. 48 h.3a2l' Xe_k
3 *:"' .+ +*%".!(D8"a.D(!.St8"aS8"ey._% v 2/8¶sD'+H'sDhFsrbhFe7b!8"+0 .D8"+¼(%k.3a.%'9+
L .!%ey'sD.ND¹
8"sD*"a_ey' ! ¹ ºYº!c
m}ey8"a_ey.!%X*"+¶8"+¶.sut?ey2D:"a8vtfRe9f.Xey'9sD.v*"aX'9+(!.a_ey'*P+(&'( D¹

¼"G º!c
R>\}\*tG ¢"OX]WSKMGgWYV_"OjF!WY_
KMW!JSV_WSK"M MNDWV! PV_W]JkWY!
KM£"W!¶7W_ J D¹}©
"G
º
A
H" ¨¤ !W jWgM]OXH!7KMJ°!WSK"MJ& MN HDWDM]OX!7\MNFJKM 3yW!

WY .FW· MN¶_y"jW.D© 3JSW&_[V_]W°KPM£"W! B R´ [V_]WSK"M NX©¨D&£"W!¸W FJ7W°KOj
¹ ©± ª_º7JLKMV_g PV_/_[V_]WSK"M¶kW>! WY9F"lNF]V_J7WYgM]OXH! NFG"J KM

K

PV_W"\ ¹_ =ªvº k¯7"WY7W W ¤P "JLKMV_± KJ
X¹S©¸ªvºnn [FKOR WSK"M>KOXFUKJ
WY W
¦±# RH" ." ¹S± E Fº ¹

¨º ¹pªY± E º_ X
]J!}WDWSKOXRJ°!MWgNF]SKMG
_[V_]WSK"M &© K)J5D¹ ª º k
]J!FW&WY"W 36WSKOXy" "JS .<KJD¹p±wE ª© #EBª º_
¯u"7V! M/"]MN¸WgWSKOXy" 1KMJ°!WSK"MJ!
{ dS|\}R>ST
sD8"'9+ey8"'9+'9+:j8¹pu©

; <; ' .3+ 8³:"a8vtf
8
qk'e9f +*%". (8"+%
L .D*Sge9f.XsD'9+'9sZhFs^b3he
')(
ª_º,S8_t"t?aY* '9sD8"ey'*P+·*Sge9f.>(!' !
e9f.³ey*"ey8"0&ey'9sZ.j!*"a¶'+¼(v.3aey'9+: .!%:P.!(8"+H%
D¹ ª© ¹©

º ª º
<f.3a.N')(ge9f.>(!' L!.D*Sge9f.XsD'9+'9sZhFs^b3he

'9+e9fF.
+8"0:Pa8_tf/8"+%D¤pª {}c
R>\}\*tG
&]MMFKMGXWSKOXy"7 3U6"!_ WSK"MJKJ
W&W°KOj7y"£"W!·F]J7WWSKOXgJSH!MWKM 1
E w± E P #Eª <

PJSJ! >£"W! gW_ J WSKOXD¹Fªvº &
DWSKOXXJS!MW
KM 1\ PJSJ
KJ D¹ ª©
£KMV_ Ei ± E D¹"[ª_º MNXJLKMV_g 3U , E JS]O W_ "WuW"W 3WSKOXuKJD¹ ª© E ¹p± E ª¼©
# EBª (
º ¹
ª<© ¹k©

º ª
º_
7
)'| GCa(, _/
nM¶WFKJJSV_WSK"Ml7&JS!MW jNF!W!ODKMFKJSWSKV>KMV_!OX!MW_ 3 3G""°KWYO W W7OR 3KMW 3KMJuWX¹L_[¼ "V_W ºJLKQ!
kW&ODKMFKOX]O^NFG"DV_]W
KM Oj"WSKQ!NWSKOXD¹
"G º\H!7KMJS!W°KPM6

R "JpK)V KNF ly"gWJ°WSKMG/VYK!MW°«K1W=V_]Y!MWZJS]W°KPM·KJXJSW°K1UV_"YV_W&KJDW¶V_"OX]W/ MN
JSWPZ8P00PODKMFKOj]O^NFG"gV_]WJ7!M jK)J KMV_ "JSNl" <y\ MXKMJS!YWSK"M/KMV_!OX!MW_J\WYgJLKQ!& PM
WJSV_]WJ!HKW&KJ&M"MGP!gODKMFKOX]O D
]J!}WXV_]Y!MWJS]W°KPM·KJgV_PV_W& "Ju"MG "JWY!X_[FK)J°WJ
JSWSKUU\ DODKMFKOX]O V_]W77FJSgJLKQ!g "J M"W7!!M¸KMV_ "JSN}

</JSWPR 3UO KMFKOX]O NFG"/V_]WJ&7D]JSjWb!8"b3eyh"(Xeya.!.!J°!MW WSK"M 3n j§¬V! PV_W]J>W!X7

G" ¨¹ '2 Dº6KJ DG" ¨¹ ' W Sº\
KW 7_KG"Wky]MV_WSK"M NF_TMN¶ "JyU"J!

!KJ DO FKMG ¶ ' ' JS]V_RWY W
¹_º! F!lMNFDKM 'Ô J&W/_[ "V_WS¶"MXMNFDKM ' MN ' V_"YJSPMNJ&W ¸JJpKF·!OjW

JS]JS!Wu2'

¹SFº 6¹ }º( ¹ ¼º<K ¶ MN- g W "JSW }¹DºH© !kNFGPgV_"MMV_WN}

¹SBFº& "V_O KMFKOX]O V_]WDKM DV_"JSH"MNJjW· ¶ODKMFKOX]O V_]W KMX "V_³ODKMFKOj]O V_]WDKM

V_"YJS"MNJ WR W
"J°W7"M&ODKMFKOX]OrV_]W
KM

¹L{º DKJ\NN}! F!DNFG" "J7_KG"W/ MN KJ
>W!" <y XKJ! !M6PW
gJLKOXFgV_VYJ

"& WOjJSW7"MDV_"OXOXPM/MNF"}! F!XNFG"DW WNFJuM"W7H_"MG/W/ XV_VYD "Ju7_KG"W6 MN
! F!XNFG">W W
_"MGJuWR jV_VYg PJ
7_KG"W ¼
& 3UKU MNlnW 3UK M·PkGF g /N W JSW]V_W]YZWYROR KMW_ 3KMWXByNFG"XV_"MMV_WYNV_POX"M!MW_J7
V_"MMV_WN/GP ]MNF!&NFGP&KMJS!WSK"MJ& R"]WD

3<_[W!MNFN¸WgYJS]FW&WX]MNPKV_WN¶GP J!
¹H7]
3G""SKWOV! MR]J°7_KW! Uºg§&JkPJS! FNgDCuKMFKWYQZ BnWJS&N W &JSWY]V_W]JOR 3KMW 3KMR >NFV_"OX
FJLKWSK"M¶ XGP /KMW/JLKOXFXV_VYJqW W&JS D W7OXJ°W"M> !YW_[=]MNF!&NFGPgKMJS!YWSK"MJ! &

]J!
W!/V! M&]JSNWDOR KMW_ 3KMRWgV! PV_W]JW!&]MNF!7NFG"KMJS!YWSK"MJ! \
gNF_TMFKWSK"Ml XV! PV_W]JW!
KOXFUKJ&W WuW!g_[FKJSWJ RV_]W\JLKQ!RKM¶WDV_]!MW7G"_ K WZV! PV_W]JSyW!>]FKUWqP7ODKMFKOX]O

n d,ôXcS p ¹p±#Fº r \
^ct WY&M!¨"!_ WSK"M/KJ7 K"]! V8dS*MR>S|V8v RwM

±
SXoxyS "NN¸WKMJS!WN¸NFG"&W MNWY
S*M r n d,ôXcS
h[h i|hCi f

R>S ZS|WV

B
± ±H¹_\© ª º
¢\"MWY "V_W 1<NFG"JKM 3U<PJSWJ

±#P¹pu© ª º 7©
f
U
"'

KWY
'j
}

R>S ZS|WV
><=<>< Gfg

K &©

"
[f
f
¢\"Oj]Wg DORJLnN ¨¹ ' º\k"NF! ]JLKMGRC§D

¢\"MWY "V_W 1<NFG"JKMWqPJSW
KW ±#"¹p©ª_º © P

vM}V=^X ±#"¹S©ª º "¹
º
vM}V=^X .¨
PWX
£KMV_&W&Y]MMFKMGjWSKOX& W& 3G""°KWYO KJ7NFPODKM WNDW&WSKOXuP V_POX]WSKMGR 3U6ORJLnN J

MN
7X DW·JSWP= 1W!OWJS "V_jKJXP"W°KPM 37WW/Y]MMFKMG³WSKOX" ¥jTJSWXJS" W
V_"YV_WMJJ
kWg 3G"PSKWO MN¸W!M/7& M 3Q!qKWJ
]MMFKMG/WSKOX"
7S*TqTW-;
6f. 8"0UhF.&±¶a.eyhFa+H.!%sv2De9f.D8"0z:"*"a_'9e9fs^')(8j¹p
©·ª_º,S8_t"t?aY*8'9sD8"ey'*P+*°NZ!*"a
pª {}c
R>\}\*tG ¥JS" [ ±} <nMFKWSK 3U± K)J

¹p©ª_ºnn [KOR W°KPM
>KMNF]V_WSK"M/W W
±#"¹p©ª_º

MN}6W]J!}±#"¹pq© ª_º. P
¦±l_y"jWDTJSWKMJS!YWSK"M6 §JJ°]OXDW W&WRVY 3KO NJg MN
V_PMJLKNF!7W&M_[W
KMJS!WSK"M6
¯7PWWY WKMJ°!WSK"MJu"MFKMV_Y "JS6 k¥³NPKJSWSKMG"]FKJS¶W
ZV! "J°J!
¹_º7y p^¹S±#Fº 3WY!gWjKMJS!WSK"M6kWY!M }!OXOR lB J°"JW WK p±· 3JS· 3yW!gWY
KMJS!YWSK"M6 D¹pFºy- ¹p±#Fº 3WY!W>KMJS!W°KPM6}W!M¶WX 3G""SKWO ! WNPOj]FW°KFUKJ

KMl£"W!Bg±j¹<©ª_ºk]MWSKUKW
TMNJW&JSOR 3UJSW±jJS]V_RWY W\W&V_"MW_ "V_WSK"MJkJSWPR
KW

±#P¹pu© ª_º "¹ º
MN .¨" \
FKJ KOXFUKJWY W7W!&_[FKJSWJ DMNF&KM
KW¶NF!G"!&JJ

WY MX ±#"¹p©Xª_º ±©/" <
]J!I [ ±D MN- ±#"¹p©Xª º "¹H©Xª !
º ±#"¹S6©D{ª º( ±#P¹p© ª_º
y"7ª ¨P

7S*TqTW-;
.3e6±H¹oHº.ge9f.s8"0UhF.Z*°±³8S!ey.age9fF. }e9f=8"+H%[. v*Pa.&e9f. >©

(veks>(9v%/')(gb!*"sut?hFey.!%FcQ\<*"a
ºP¹pu©ª º 7© e9f.&:"a8vtfh i| f ')(g87!*"a. (veLc

±H¹oH
¥³gJS" M_[W&W W7WYgW"W_ 3 ]MMFKMG/WSKOX>\WZ GP"SKWO KJ ¹

ªk©¹©

º ª
ºH7!
KJ
W>M]OZH!
NFGPJKMWKMFKWSK 3kG" MN]
KWW&W"W_ 3?M]OXH!
KMJS!YWSK"MJ! \}!W&±H
WuKMFKW°K) " 3] ±!W]YMNXDWgJSW_ WSKV GP"SKWO^ MNj!W7± E ± ¹_k©·ª

E k¥³NF!M"W&`f8(!.
º
\ 1kJSW!J
W W _[V_]WYNuFK1D± w± Ep \!W # E<>WgM]ODH!
KMJS!W°KPMJNF]SKMG "JS
7S*TqTW-;87
`\fF8(v. ey8 .!(gey'9sZ.N ¹p±E ª<© 4 # EBª º!c

R>\}\*tG }!W E HXWX " 3]X W&WYX!GKMMFKMG·7k "J° u MNl!W ± E "¹pq© ª_º &©¨"

WgY! "K"]Ju!OXOR WgNFG"J KM0h i| 2f y"ORJu Dy"JSW
Qj ]J!FW!Z g W7OXFJSW
Uh |i =f V_PMW "V_WSKMGX 3U <W!O W_ JWSKOXUKM KMW&M]OXH!\kNFG"J

&NFGPJKM KM

h h i E*hGi f 7FKV_KJD¹p±wE © yEnº_ \
&JS]FWSKMG/G"_ R PJ D¹p±wE ºNFG"J!
m
{
NPK<=V_]FWjUKJKM¶NFVYKNPKMG"W"]FKV_PWJSWKU WgV_]Y!MWJS]W°KPMK)JuJSWSKUU V_"V_W7 MNj"
WX/VYK!MW°/V_"OX]WYg DM! J°]WSK"M]JLKMG! PKP]JJS]W°KPMJ!

8 % 1/ 7 *
) )+8
§ 8
sD8 'sD8"0<(Lt8"++'9+: v*Pa.!(!e\%".!b!*Ps7t*(!'ey'9*"+ OLs>(!%WV/*SZ*"aY%".a±/KJ& NFV_"OXHJLKWSK"M· jG" KMW
±NFG"!nNPKJ9µSKMWJS MMFKMG y"JSW_J fapE D ±}JS]V_ W W faE&KJ/ ³OR 3[FKOR 3gJS MMFKMG y"J°WR
Ff w h f h <><=<ch f,E
¹ º_ !W E
W
OX]FWSKG"_ X¹ '2@f h f h=<><=<@f,E º k¯ GF OXV_FKP MNgL PK6!

GK FZ 1KM &W°KOj GP"SKWO W WGK !M jG"
KW
MNFJ& MN NFG"J&V_"OX]WYJ jORJLnN/
"NF!N KMW°KOj ¹© º ¥>

KU1\Y_!&WWFKJ& 3G""°KWYO "JuW/%".!b!*"sut*(v'9ey'9*"+8"0z:P*"a'9e9fsXO x $-V"

FKJ\ GP"SKWOw )J°gNF!W!ODKMJ
MDUKM \PNF!\"MDWuMNFJ!FV! 3UNW&sZ8 '9sZhFsb!8"a%"'9+8P01'9ey2u(v.!8"aSb f
*"a%P.aOLsZb (,S*"a%".3a "
V
§MgNFGP7¹ ºKJ\b!*"+Heya8"b3ey.%<KU K)JKNF!MWSKUTN>
KW MNg 3UJS_U9F"J\ NPKJV! _NFN} § V_PMW "V_WSK"M
NF]V_JuW&M]OXH! MNFJKM j]WNFFJ7M"WuNF]V_gWgJpKQ!>kW&ODKMFKOX]O^NFG"DV_]W

LM/W&yU"
KMGX7uOR F!H WNP]J°& WYU"
KMGDn "V_WJ
7S*TqTW37,
!o 8"+% 8"a.Db!*"+H+.b3ey.% fP4\e9f.+ 8"+% 8Pa.±H,S.!%:".>b!*"++H.b3ey.%X'9+ c
7S*TqTW37,
3og8
,S+*%".:"a8_tHf=')(±H,p.!%:P.gb!*"+H+._bey.%4 e9f.3+¶'eb!*"+ey8"'9+(8"e
01.!8(ve¹p±#Fº
.!%:". (c
)+%>?/54X/5) 7 .

. 3* > 7 4 8 < * > 7 / 4 W) W4 4 /Q1K3 /D% _7
7
!#"$%&&' (*)'
+*
(,
nMlWFKJJ°V_WSK"M/7JS!MW MKMV_!Oj!MW 3 3G""SKWO W W7OR KMW_ 3KMJ7 ¹pu© ªvºnn [FKOR WSK"MkW
ODKMFKOX]OrV_]W7KM· OX"YWSKQ!NWSKOXD¹Fª º!KMJS!WSK"M6

¥³gNF!M"W>! gWKMFKWSK 3\G"_ MN¸

&W&M]OXH!
NFG"J KMWKMFKWSK 3kG" 6
R "JpK)V KNF ¸"DWJ°WSKMG/n "JSW&KUWY=V_]Y!MWZJS]WSK"M KJXJSWSKUUV_"V_WqKJZ PJ&yU"J!>y&±¶KJ>W

±}F7u! WYNP/V_"OX]WY >ORJLnNX MN/V_PMW "V_W\ 3U6NFG"JKM f,E

V_]!MW
JS]WSK"M6PKn z" \±#"¹S©ª_º
y" ,
±#P¹pk©/ª_º ]MW°K1 }f
f" . º NFJM"W
V_"MW 3KMX M>NFG"J! k}!W 7WM]OD!
¹p MNX 3U
E KJu!OXWF p ¹F º

kMNFJ MN] HgW>M]OX!
kNFG"JKM¶W&J°]FW°KMG/GP 6
£KMV_fa6
7FKV_¶KOXFUKJDW W4¦ ±³¹p}!OjOR B ¡Fº D

FKJZJ°"JuW Wg±lKJD l¹p>© ª_ºnn Y[KOR WSK"M¶ ·]MWSKU

¹p±#Fº 7
]J W!V_"OX]WSKMG uFM"¨W WWYZV_]!MWJS]WSK"M K1UkXV_"YV_W
P7W

M_[W&¹p±#Fº ¹ º ¹pª± º<KMJ°!WSK"MJ!

<·V_"Oj]W ¶M!rJS]WSK"M¨±³=VYK!MWS]JLKMG! PK"]JJS]WSK"MJ7/V_"MW PV_W 1&NFG"JjW W
faE<KM DY! "K"]JuORJLnN}

_"MGPNWY
=NF!W K1JX XGK F!MH_Pg ¥³RNF!M"WYR ¹ ' º KWY

)' ) MN ) )6W
G" /JS]FWSKMGXy"O WgV_"MW PV_WSK"MJ!
LNMPO>M,QR>S*TUSMV#WX ¹S©ª_º
><=<=< Gfg
" &ª ª {8
¤

[f

¢\"Oj]Wg ¹pu© ª ºLn [FKOR WSK"M/±2=]JpKMGjWZJSW_ WSKV& 3G""SKWO MN/ DORJLnN "
¨¹ ' º\ "_NF! ]JLKMG=C§D
6#
B
KM 3U 7V_"OXFKM³W³! "K"]J«W
¹pNF!W!ODKMFKJSWSKV3º GP"SKWORJl
KW¦ MNF"O J OXFUKMG W
"V_FK! F MKMV_!OX!MW l"MWY&¢ SR GP"SKWOW W7O 3KMW 3KMJ

X¹_\©ªvºnn [FKOR WSK"M WY&ODKM
KOX]O NFG"V_]Wl
KW FKG" Y" FKUUKWY
·W"W_ 3_[V_WYN¨WSKOX«" KMJS!W°KPMJ/KJ]D¹¹ ©
3º¹y"G2}º¹Y¹y"G ºª_º º_
]J 6W/ OX"YWSKQ!N·_[V_WN WSKOX!>KMJS!WSK"M K)J ¹¹y"G }º¹ PG
ª_º º

FKJuWV_MFK"
]KJuWgJ OXg PJ
]JSN/E& G"!&!{}KMlFK)JJSW WSKV& 3G""SKWOûFK)V_/W_ JWSKOX_ ¹ ©
¹¹y"G
º"ª_º
ºky"V_"OX]W°KMG/ j¹
©ª_ºLn [FKOR WSK"M6
!R jW
/! "K"]J>J°]FW_JgPM·OR 3KMW 3KMFKMG¶WRJLKQ!/7WjODKMFKOj]O NFGP=V_]W>]MNF!XNFG"
KMJS!WSK"MJ X¹º E& YG"!XB3kGK FJ& M 3G""°KWYO}7FKV_·OR 3KMW KMJ&
© ZªSn [KOR W°KPM/KM_[
V_WYN/WSKOX_
D¹ [

A
¹
ºk!uKMJS!WSK"M6 \
º7!qKMJ°!WSK"M MN«W "V_FK! D l¹u©

]J!FWX "V_FK! j
©ª7 Y[KOR WSK"MRWYFK)Ju 3G""SKWO^W_ JWSKOX
ªvºnn [FKOR WSK"MlKWgW_ J WSKOX D¹

A º D¯u"W
W W&P]g 3G""SKWO y"g l¹u© ª_ºnn [KOR W°KPMGK FJ& M¶_[H"M!MWSK 3kKOX" F!OX!MFW
KM·WXY]MMFKMG
WSKOX" H7]Z 3G""°KWYOry"&W¹p>© ª_ºnn Y[KOR WSK"M¶W FJV_"MJ°W MW7WSKOX MNlKJDNF!W!ODKMFKJSWSKV l¹pFº
CuKMFKWQR MN E
3KMJSW_KM z{kGK D M ¹nODKM}¹
± º © ¹ ººnyWSKOXX 3G"PSKWO P&OR 3KMW 3KMFKMG 3U
ODKMFKOX]O V_]WJ !W7!!M/ MDW

gMNFJu XJS]J°!W ' ]MNF!& XJS=P]!MV_g2=KMJ°!WSK"MJuW W7NF
M"W\V_ MGP\WJpKQ!±g?W7O KMFKOX]O V_]W!W

!!M>W
7MNFJ KM k¯u"W
W Wk±XV! MD ) G"!kW M
JLKMV_gPMFODKMFKOX]O V_]WJH!W7!!MXMNFJKM YV_"MJpK)NF!YN}

_K&N W DJSWY]V_W]& MJS7!J "]!°KJ
W W
"JS>KU WYGK F!MXMNFJ YJS! WNDX DV_]W\ JLKQ!± KM OX"YWSKQ!NXWSKOXND¹ ¹ ºº H7]
N W jJSW]V_W]Y&="]FKJ 'FKn z" FKW MJS7!J2P]!SKJ
KU\W
gMNFJ gJS! _ WN/ XV_]W7\JLKQ!
KM Oj"WSKQ!NWSKOXD¹ ¹ ºº_"]W
KW& 3UPJWgJLKQ!gkW&ODKMFKOX]OrV_]W7WRV_ MG""
¥³ 3JSDGK F7M!¨J°]FW_Jky"
WODKMFKOX]O !WY_[jV_]WKM >G" 6 ¥7YJS!MW DJSW WSKV 3G"PSKWO
W WkV_"OX]WYJk n [FKO WSK"M&W7JLKQ! WYO KMFKOX]O¦ F!W_[gV_]WKMjWSKOX D¹ ODKM6¹
ºº_
<XHXVYKJS"H!W .eXHDWDODKMFKOj]O NF!G"Y!gKM j ¯u"WDW W 1eF H7]g 3G""°KWYO V_"Oj]WJW
_[ "V_WgJLKQ!X KU e R MN/KW>!W]MJ ejKU !e &

FKJK)J& /J°!NFy]·7 j PV_W" W "J°W
.

" "!WDn "JSWYJSW&_[¼ PV_WZ 3G""°KWYOry"gV_"OX]WSKMG 7FKV_·W FJuWSKOX! ¹

W ©
$=
ºg¤F\Pkn
IJLKMGXW&M!¦n [FKOR WSK"M 3G""SKWO PJ7JS]"]W°KM&GK FJ7 MjKMV_!OX!MW GP"SKWO^

KWlW"W
WSKOXD¹
©

ª © º &£KMV_

D¹
© 3ºWD OX"YWSKQ!NW°KOjg!uKMJS!WSK"M«K)JD¹ ª_º
KU\WKMFKWSK 3 GP KJ7!OjW
£"V_W°KPM ¶J°!MWJDWl "JLKVJSWY]V_W]lW WDKJV_"OXOX"M WY 3UKMV_!Oj!MW 3 3G""SKWOJDKM WYFK)J
H! 7LM£"V_W°KPM«Bj7&GK FgJS"OX> "JLKVDNF_TMFKWSK"MJ! >£"V_WSK"M¶{RYJS!MWJ

W>KMV_!OX!MW_ 3 3G""°KWYORJ
y"7W&ODKMFKOX]O^NFGPZV_]W}£"V_W°KPMDGK FJW&JS]FWJ PWYgODKMFKOX]O^ F!W_[=V_]W3
$ 3/5)+/2> % )+%>?/54 /5)7

.
. 3
*> 7 4
<&OR 3KMW KMjW7_[ "V_W\"

[FKOR WODKMFKOX]ONFG"7" !WY_[ V_]WkKM/ &G"_ XW
yU"
KMGgGP!M!SKV
3G""°KWYOKJ7]JSN}
"
¢"OX]W&WgJ°]WSK"M/KMWYKMFKWSK 3kG" /]JLKMGRWDJSW W°K)V& GP"SKWO

n d ^X`S WDV_]!MW7JS]WSK"M¸K)JV_"YV_W r \
^ct WY&M!¨"!_ WSK"M/KJ7 K"]! V8dS*M
"]W]WuWgV_]!MW7JS]WSK"M
SXoxyS »3W&M!¨"H! WSK"M¸K)Ju M/KMJS!W°KPM"»
V_V_>KU\WgV_]!MW7JS]WSK"M¸KJJSW°K1U\V_"V_W3
S*M r n d,ôXcS
B
¢"OX]Wg >M!¦JS]WSK"M]JpKMG! PK"]JJ°]WSK"MJ!
PWX

) 7?>?* 1 +% 7 * )
¢\"Oj]WSKMGXW&V_"MMV_WSK "KW >G"_ KJ7 q]MN Oj!MW 3?Y"F!O^

KW FUKV! WSK"MJuWXV_FK=NFJLKG"M6
JSJSW!OŸ_1K FKUKWF MNgV_"OXOj]MFK)V! WSK"MJ}M!W

"J! £KMV_\KM>OR M7WJS
FUKV! WSK"MJ<W]MNF!S"KMG
G" RV! MRV_ MGP\KMV_!Oj!MW 3UDKWkKJKOj"W_ MW WY&=VYK!MWSXOR 3KMW 3KMDWV_PMMV_WSK "KWX?W7GP
NF]SKMGXWJ°gV_ MG"J! <

7g F!WSKV_J F
>G" ¦ &±H,p.!%3:".gb!*P++.Ybey._%¹p±H, 3.a_ey. Xb!*"++H.bey._%º}KUkW!#
± NFG"!nNPKJ9µSKMW¹n F!W_[nNPKJ9µSKMW!º WYJXH!W
!!M W!O
G"_ K)J±H,p.!%3:".!,Sb!*"++.Ybey._%¹S±H,
.3aey.yZb!*"+H+.b3ey.%ºKU 3U}KWJ !YWSKV_J\ ±FyNFG"!nV_"MMV_WNl¹p±H,.3aey.yZb!*"+H+._bey.%º_ }§ sD'+H'sDhFsw.!%3:".&bhFe

¹sD'9+'9sZhFs H .3aey.y bhFe9º& lG" KJX ¸ODKMFKOj]O V! NPKM 3UKWJS!WDNFG"¹L !W°K)V_Jvº uJS
!OXP NPKJV_"MMV_WJ j <y6W7ODKMFKOX]O NFG"V_]W "J\JpKQ! 6"W!MjW!_[KJSWJ & 3K6 !W°K)V_JW W
jM"WD¹© ºnyNFG"!nV_"MMV_WN}k MN}<W]J ?KJ&MPWX¹X© ºnyNFG"!nV_"MMV_WYN} =u!MV_"kNF!W!ODKMFKMG
WJLKQ!/W/ODKMFKOX]O V_]WX& GP K)Jj=P]FK " 3!MWDW·V_"OX]W°KMG W/NFG"V_"MMV_WSK PKW·_X
¢\"Oj]WSKMGWV! NPKM 3UKWY WY/ODKMFKOj]O F!W_[ V_]W KJj="]FK " 3!MWXW³V_"OX]WSKMG³W/ !YW_[
V_"MMV_WSK PKWR j k§MKMW!GP!±jKJ7 _n [KOR W°KPMR2¶¹ º<KU [ [

± l¹ ± º
FK)Jq !>JS!MWJ&JpKOjF/ 3G""°KWYORJy"&OR 3KMW KMFKMGlWX_[ "V_Wg MN· Y[KOR WXJLKQ!X7W
ODKMFKOX]ONFG"&V_]W MNXW [FKOR WJpKQ!6WODKMFKOX]O !WY_[ V_]W

>G" 6 k
"JLKV K)NF
KJ
W>]JSWYJSW_ WSKV GP"SKWO P V_POX]WSKMGDWJ°]WSK"M MNjWg]FKUN DN W >JSW]V_WY]WY W "]FKV_P
WJSW_JK16WJS]WSK"MRV_"Oj]WN> "JSW&WJSW WSKV GP"SKWO¦KJJSWSKUU?WV_PV_W\JS]WSK"M "kWYV_]!MW
G" 6 /y7FJ!6W/N W lJSW]V_WY]DKJ>]?N WN} K1M<W=J°W WSKVX 3G"PSKWOrKJDV! 3UN} ·
=NPK<=V_]FW
UKJKMTMNPKMGjWg "°K) WN W gJSWY]V_W]& MNjWZ Oj"WSKQ!WV_FJSW"W&JSW WSKV 3G""SKWO" P!
! PK"]JKMJS!W°KPMJ! X

R 3G"PSKWORJ&V! M·P]W]W&WD_[¼ PV_W&"g [FKOR WDJLKQ!R±¶\WYXODKMFKOX]O
V_]W
KMV_PMJSW MW
WSKOXg MNl DV_]WkJLKQ! ±jKMlWSKOX&"H"WSK"M 3< KWJuJLKQ!"
uK !M/ DJSW WSKVu_[¼ PV_WH¹k©·ª_ºnn Y[KOR W"""¹p ©ª_ºnn Y[KOR W7ODKMFKOX]ONFG"gV_]W 3G"PSKWO

KWXY]MMFKMGDWSKOX ¹
l
º}77V_"M "!WKWkKMW& gJS!O KnNFFM ODKV 3G""SKWOJS]V_DW WkW
WPW 3WSKOX
y"
¬KMJ°!WSK"MJKJ D¹ ¹
l
ºº7! KJWM]OX!kMNFJKMWGP 6 k
]J!PW GP"SKWORJ
"WSKOR ?KM/WgJ°!MJS&W W
W!OR WV_jWH!Sy"OR MV_& W&J°WJSW W°K)V 3G""°KWYOPWYPF!O
¹n]lW= n "V_W"7QD¹Fª_ºº 7
D" P! "Nj\OR PKMG/WZ 3G"PSKWO^KMV_!Oj!MW 3\V_"MWSK]WJ
PMF¶
V_"MJSW_ MWkn "V_W"uWDW&]MMFKMG/WSKOX"
LM W¸1" KMG³7NF!M"WY WlW"W 3M]OZH!XgNFG"J KM WG"_ 67V_"MJLKJSWSKMG _
KMFKWSK 3 NFGPJ7 MN KMJS!WN¸NFG"J!

WY&M]OX!
MNFJu X¼RWgJpKQ!>kW&ODKMFKOX]O
NFG"RV_]WqKM·WDTM 3\GP 6 MN¶ WYRJLKQ!X7WDODKMFKOX]O F!W_[V_]W3 X¯7"WYXW W · MN
D¹ © º
¥³7GK F7T_JSW M/ 3G""SKWO W W

OR 3KMW 3KMJ
j¹pu©«ªvºnn [FKOR WSK"MjKMW"W_ 3?WSKOX_ ¹
ª<©
¹¼© º ª º k
FKJk 3G""SKWO K)J M>KMV_!OX!MW 3 F!JLK"M>¶ WY]F) $ JkJSW W°K)V
3G"PSKWO¦W W\V_"Oj]WJ
l¹p© ª_ºLn [FKOR WSK"Ml /KM·W°KOj ¹]ª_ºg)A3n &
]J!} 3WY!g X!YV_JJpKMG¶JSW!¶
KW·Y]MMFKMG
WSKOXD¹ ª_º\WYg OX"W°KQ!NW°KOjg!u"! WSK"M/KJD¹Fª º_
¯u_[Wu]JSD& P J
¹L_[¼ "V_W º ODKMFKOX]O^NFG"gV_]W 3G""SKWO ¡6 "J
XJS]"]W°KM"

FKJ7 3G"PSKWO
V_"OX]WYJ
WZJpKQ!> W>ODKMFKOX]O^NFG"DV_]W 3U ODKMFKOX]O^NFGPgV_]WJ
KM X MN/ XV! "V_WY]JSyW!>!!
JS!MW WSK"MKMWSKOXD¹ © "GH¹ Ul
ºº 57H ]7KMV_!Oj!MW 3 3G"PSKWO W_ J WSKOX+ ¹}
¹\
© ! º<©
"G º ]J!PK1\WYg 3G""SKWOrJSW YWJ
KW M/!OjWXG" 6WZ OX"WSKQ!NWSKOX>!uKMJS!WSK"M¸K)J
D¹"
PG º_ H7] 3G""SKWO^V! M/ MJS7!2"]!°KJ W W PJSDKU W
&GK F!MXMNFJu &JS! WYNDX ZV_]W

JLKQ! KM OX"WSKQ!NWSKOXD¹ ¹ ºYº
´ !MuKU?K)Jk uV_"MJSW MW3WY\]MMFKMG&WSKOXP]}KMV_!OX!MW 3 3G""SKWO KJ VYJSW7W]MMFKMG&WSKOX
kW&J°WDvJSHVYK) ]FJS#R GP"SKWORJ!kC!W!YODKMFKMGjKUQ KJg!yNFGP!nV_"MMV_WN}}yNFG"!nV_"MMV_WN}
"ByNFG"!nV_"MMV_WN¸W FJ OX"WSKQ!NWSKOX_ ¹ ¹ ººk! KMJ°!WSK"M³¹pJS!X3"63yº

"
> |

F !#"
" w "

"
!
#"
G "#G " #" "

"@"

"
#"
#"

TR 94 063

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

TR 94 063

Uploaded by

Copyright:

Available Formats



   

BCD FE& G"!H!IJLKMGD M NFPODKQ!NRJS JLKUT?V! WSK"MXWYZ [KOR WY\ODKMFKOX]O^V_]WJ#>`

!{PCD E& GP!}v~u M NF"O^J OXFUKMGDKMV_]WP "g" M NXM!W

 >  "]W"

ByNFG"!nV_"MMV_WN/V_"Oj "M!MWJ M N/y F!W_[nV_"MMV_WNXV_POX "M!MW_J#<V_6 ¡~

ACD F¥¦  W]F §¨UKM WSKOXgu©«ªu [FKOR WSK"M/ 3G""SKWO¬­"

$>+ +hF8"0$jik;,Lm on$&;rm}2s7t *(!'9hs*"+lx&'(!ba.3ey.$>0z:"*"a_'e9fFsg(! 3@"@"B"¤"¤|"¤{

MFKMG/JS]G" / j±FnV_"MMV_WN/GP  #$>0 :P*"a_'e9fsD'9b!8&@"@"F""B3|"@"A

ODKMFKOX]O !YW_[«V_]W ¹YºH!W7!!M¶W

JS6 #D¹ ¹"ººk !uKM JS!WSK"M6

¥³ MWkWXW M/C&  PKNRE& YG"!

!g²¼ ¢\!SK M6³ 2@Z 7E&   M N ~& 7

KOXY" "ND _ 3U_ 3G"PSKWO ­"

NFGPgV_]WJKM DGP  #}m}eyh%P'. (g'+¸x')(vb3a.ey.KJ<t?ey'9sZ'ML!8"ey'*P+ 6@P@"¤P@"¤3|B"¤PA

BN@" CuKMFKWQ"v¶ 3KMW 3KMFKMG&W7{PyNFG"!nV_"MMV_WN V_"OXH"M!MWJ<6 G" XPM91KM#H`

m}2s7t *(!'9hs¦*"+ 6f.!*"a_2&*SDi\*"sut?hFey'+F:D8"+ % m?23(vey.3s>(+OyoYm\\i<mQPSRUTWV"3p´\´´¢\"OX]W°KMGj£"VYK!WDJYJ!

D£ "´ !M6H_§MX 3G""°KWYO¦y"\NF!W!ODKMFKMGgu!W!\WV_"MMV_WSK "KW> GP DKJ\ W6 "JSW

AD£ 6´ !M· M N ~& ´u 6k yµ M6v¯u!W

Ug³ k HNFO M= M N/ ´u }£ J!<v

ZY(ve<$g+H+ hF8"0m}2s7t *(!'9hs^*P+ f.!*"a_2Z*°Xi\*"sut?hFey'+F:"6@P"@B{3|B"{

¤_^  3UKUnDvKM NPKMGWY F!W_[ V_"MMV_W°K PKW³gG"  JY#

G""°KWYO 7FKV_lW FJ

&D¹lºW/ OX"W°KQ!N«WSKOXRH!>KM J°!WSK"M K)J ¹ ª_º7KUWYR 3G""SKWO KJZJ°W WN«"M M·!OjW

KM V_ "JSN · n "V_W"&¹_7© ªvº<7XV_"OX]WR ¸M!^JS]WSK"M6 

n d,^oXcS W&ODKMFKOX]O NF!GP!&KM  KJ .pqeP¹© ª_º\"7± [pqesr \

¶ 3KMW 3KM/± "JW>ODKMFKOj]O^\ 3U ¹FD#G:@E º

{ dS|\}R>ST~}` .e .8·:Pa8_t f4k'e9f

D¹© # ª<©  G<

(, w  |'

_KW!V_"MW 3KMN KM-" h#$¦P\KM-%+h#$X \ FK)JKOjF1KJW W D K)J _KWY!V_"MW 3KMN KM3"r"

M N}WY] J!"W!Y&_[KJSWJu DMNF4  FD

7S*TqTW~}87  .3e9   =<><=< B   .g8 (!.e*SZ+H*%P.!(e9f8Pe8Pa.ut¼8P'a@k'(!.¼,pb!*P+ + .Ybey._%X'+ c  .3e? 6 .

"NNJ e MNFJuWDW&M_KG" PN/ 9DH \

 f.3a. ')(ge9f.>(!' L!.g*SDe9f.DsD'+H'sDhFs 3 .a_ey.#X

 * 2 UGC,(a _/'

KOX" F!OX!MFW\ KU  M N 

´ !MX M N k yµ M¡AHGK  M= GP"SKWOWZV_POX]WWO KMFKOX]O F!W_[XV_]W FD#G:3º6 !WY7!!MDW

GK F!MMNFJ .D¶ M N:qKMW°KOj D¹ º7FKV_ug_y!gW PJW>t¼8P'aD8"0z:"*Pa'9e9fsD /& 3UK1  JqODKMFKOX]O

W WuWgORJYV_y"NF!&NF!W!ODKMN¶/C§ JSW WJ

 FK)J PNJ7WjW­1" KMG 3G""SKWO

WgJLKQ!JukWJSgV_]WJ KM D  

KMWDWgV! "V_W] JuW!g M NjKMWY  M N Y!OX" "W& " 3]J7V_"YJS "M NPKMG WRNPKJV! _NFN

ODKMFKOX]O V_]WJKM  ¹ º<­Y"OW&   

NF!W!O KMD DM!¦Bn [FKOR WSK"M/±

^ct ±  B"± V8dS*M

¢\"M J°W] V_W D¹ º\RJ OjF1KMG ! !YXNFG"g KWY/" FKUUKW

¢\"Oj]W&WgJLKQ!/kW&ODKMFKOX]O V_]W  ¹ º ]GPOX!MW

 V_POXZ jKMW!JSV_WSK"M6H M N/V_"M JSWY] V_W DM!¦V! "V_W] JSyWY!"

¢\"Oj]W­P7 "V_ ODKMFKOj]O V_]W

WgJLKQ!JukWJSgV_]WJ KM D  

7S*TqTW-; H 6f. 3 8"0Uh.Da.3eyha_+ ._%v2je9f.D8"0z:"*"a_'e9fFs

WY/" FKUUKW W WDWl! "K"] J !OXOR NJ!KWDyUPJDW Wj

KM V_!Oj!MW 3 3G""SKWO !W]M J7 =¹

<f.3a.N·')(e9f.>(!' L!.&*Sge9f.DsD'9+ '9sZhFs^b3he'+le9f. + 8P0:"aY8_t fc  8"b f 3h.3a2jb!8"+N.&8"+(#k.aY.%D'9+b!*"+¼(vey8"+He

¹¹ PG º"ª_º º

F!WqKMW!JSV_WSK"M M N/ XV! "V_W] J

!WHZWYRJLKQ!DWDODKMFKOX]O V_]WKM·W>T M 3\GP 6 g¯u"W>W W&W!X Y+D¹ PG }º

_[ V_WYN/WSKOXy" 3U  PJSJ

]G"OX!MW<WV_"OXF!WuKMW!JSV_W°KPMXZ WkOjJSW  ¼ k¢\"Oj]WSKMGgW7O JL N W FJ6WSKOXND¹}©

 º k Q  E E  I pH ]G"OX!MWSKMGDWKMW!J°V_WSK"M/W FJWSKOX_D¹¹"  E E E

WY . W ]G"Oj!MW WSK"Mj­P   KJ_[V_]WYN/"M¶ DG" l

V! M "MF NPKJV_"MMV_W "M H"JV_!M V_"

BCD FE& G"!H!IJLKMGD MNFPODKQ!NRJS JLKUT?V! WSK"MXWYZ [KOR WY\ODKMFKOX]O^V_]WJ#>`

!{PCD E& GP!}v~u MNF"O^J OXFUKMGDKMV_]WP"g" MNXM!W

> "]W"

ByNFG"!nV_"MMV_WN/V_"Oj"M!MWJ MN/y F!W_[nV_"MMV_WNXV_POX"M!MW_J#<V_6 ¡~

ACD F¥¦ W]F §¨UKM WSKOXgu©«ªu [FKOR WSK"M/ 3G""SKWO¬"

$>++hF8"0$jik;,Lmon$&;rm}2s7t(!'9hs"+lx&'(!ba.3ey.$>0z:"*"a_'e9fFsg(!3@"@"B"¤"¤|"¤{

MFKMG/JS]G" / j±FnV_"MMV_WN/GP #$>0 :P*"a_'e9fsD'9b!8&@"@"F""B3|"@"A

ODKMFKOX]O !YW_[«V_]W ¹YºH!W7!!M¶W

JS6 #D¹ ¹"ººk!uKMJS!WSK"M6

¥³ MWkWXW M/C& PKNRE& YG"!

!g²¼ ¢\!SK M6³ 2@Z 7E& MN ~& 7

KOXY" "ND _ 3U_ 3G"PSKWO "

NFGPgV_]WJKM DGP #}m}eyh%P'. (g'+¸x')(vb3a.ey.KJ<t?ey'9sZ'ML!8"ey'*P+6@P@"¤P@"¤3|B"¤PA

BN@" CuKMFKWQ"v¶ 3KMW 3KMFKMG&W7{PyNFG"!nV_"MMV_WNV_"OXH"M!MWJ<6 G" XPM91KM#H`

m}2s7t(!'9hs¦"+ 6f.!"a_2&SDi\*"sut?hFey'+F:D8"+% m?23(vey.3s>(+OyoYm\\i<mQPSRUTWV"3p´\´´¢\"OX]W°KMGj£"VYK!WDJYJ!

D£ "´ !M6H_§MX 3G""°KWYO¦y"\NF!W!ODKMFKMGgu!W!\WV_"MMV_WSK "KW> GP DKJ\ W6 "JSW

AD£ 6´ !M· MN ~& ´u 6k yµ M6v¯u!W

Ug³ k HNFO M= MN/ ´u }£ J!<v

ZY(ve<$g+H+hF8"0m}2s7t(!'9hs^P+ f.!"a_2Z°Xi\*"sut?hFey'+F:"6@P"@B{3|B"{

¤_^ 3UKUnDvKMNPKMGWY F!W_[ V_"MMV_W°K PKW³gG" JY#

G""°KWYO 7FKV_lW FJ

&D¹lºW/ OX"W°KQ!N«WSKOXRH!>KMJ°!WSK"M K)J ¹ ª_º7KUWYR 3G""SKWO KJZJ°W WN«"M M·!OjW

KMV_ "JSN · n "V_W"&¹_7© ªvº<7XV_"OX]WR ¸M!^JS]WSK"M6

n d,^oXcS W&ODKMFKOX]O NF!GP!&KM KJ .pqeP¹© ª_º\"7± [pqesr \

¶ 3KMW 3KM/± "JW>ODKMFKOj]O^\ 3U ¹FD#G:@E º

{ dS|\}R>ST~}` .e .8·:Pa8_tf4k'e9f

D¹© # ª<© G<

(, w |'

_KW!V_"MW 3KMN KM-" h#$¦P\KM-%+h#$X \ FK)JKOjF1KJW W D K)J _KWY!V_"MW 3KMN KM3"r"

MN}WY]J!"W!Y&_[KJSWJu DMNF4 FD

7STqTW~}87 .3e9 =<><=< B .g8(!.eSZ+H%P.!(e9f8Pe8Pa.ut¼8P'a@k'(!.¼,pb!P++.Ybey._%X'+c .3e? 6 .

"NNJ e MNFJuWDW&M_KG"PN/ 9DH \

f.3a. ')(ge9f.>(!' L!.g*SDe9f.DsD'+H'sDhFs 3 .a_ey.#X

* 2UGC,(a _/'

KOX" F!OX!MFW\ KU MN

´ !MX MNk yµ M¡AHGK M= GP"SKWOWZV_POX]WWO KMFKOX]O F!W_[XV_]W FD#G:3º6!WY7!!MDW

GK F!MMNFJ .D¶ MN:qKMW°KOj D¹ º7FKV_ug_y!gW PJW>t¼8P'aD8"0z:"*Pa'9e9fsD /& 3UK1 JqODKMFKOX]O

W WuWgORJYV_y"NF!&NF!W!ODKMN¶/C§ JSW WJ

FK)J PNJ7WjW1" KMG 3G""SKWO

WgJLKQ!JukWJSgV_]WJ KM D

KMWDWgV! "V_W]JuW!g MNjKMWY MNY!OX" "W& " 3]J7V_"YJS"MNPKMGWRNPKJV! _NFN

ODKMFKOX]O V_]WJKM ¹ º<Y"OW&

NF!W!O KMD DM!¦Bn [FKOR WSK"M/±

^ct ± B"± V8dS*M

¢\"MJ°W]V_W D¹ º\RJ OjF1KMG! !YXNFG"g KWY/" FKUUKW

¢\"Oj]W&WgJLKQ!/kW&ODKMFKOX]O V_]W ¹ º ]GPOX!MW

V_POXZ jKMW!JSV_WSK"M6H MN/V_"MJSWY]V_W DM!¦V! "V_W]JSyWY!"

¢\"Oj]WP7 "V_ODKMFKOj]O V_]W

WgJLKQ!JukWJSgV_]WJ KM D

7STqTW-;H 6f. 3 8"0Uh.Da.3eyha_+._%v2je9f.D8"0z:""a_'e9fFs

WY/" FKUUKW W WDWl! "K"]J !OXOR NJ!KWDyUPJDW Wj

KMV_!Oj!MW 3 3G""SKWO !W]MJ7 =¹

<f.3a.N·')(e9f.>(!' L!.&Sge9f.DsD'9+'9sZhFs^b3he'+le9f.+8P0:"aY8_tfc 8"b f 3h.3a2jb!8"+N.&8"+(#k.aY.%D'9+b!"+¼(vey8"+He

¹¹ PG º"ª_º º

F!WqKMW!JSV_WSK"M MN/ XV! "V_W]J

!WHZWYRJLKQ!DWDODKMFKOX]O V_]WKM·W>TM 3\GP 6 g¯u"W>W W&W!X Y+D¹ PG }º

_[V_WYN/WSKOXy" 3U PJSJ

]G"OX!MW<WV_"OXF!WuKMW!JSV_W°KPMXZ WkOjJSW ¼ k¢\"Oj]WSKMGgW7OJL N W FJ6WSKOXND¹}©

º k Q E E I pH ]G"OX!MWSKMGDWKMW!J°V_WSK"M/W FJWSKOX_D¹¹" E E E

WY . W ]G"Oj!MW WSK"MjP KJ_[V_]WYN/"M¶ DG" l

V! M "MF NPKJV_"MMV_W"M H"JV_!MV_"

NFFM ODKV! 3UOR KMW_ 3KMFKMG¶_[ "V_WZV_PMMV_WSK "KW¶KM ¹y"G

¥³]W7 PV_KMJ°!WNNFG">

OX!MW 1F D§J>JSW WN¸KM³WDyUP

"J7JpKQ! ¹¹y"G ºª º

FK)J PNJ7WjW1" KMG 3G""SKWO

ODKMFKOX]O V_]WuKM D¹ º jV_"OXF!WKMW!J°V_WSK"M6 MN/]FKUNlWgV! "V_W]J

3G""°KWYO V_"M "!WJKMW &NPKYV_WNDG" + OR "KMG& "V_>NFG"

DJS]G" R(XV! 1N b!"sut?0U.ey.}¹Dº7'9+ey.3a(!.!bey'9"+ <uK !M/ gV_"OjF!WY?¹Dº6KMW!_JSV_WSK"MWV! PV_W]J

W!/V! M HV_"OX]WN KM WSKOXD¹lº_ ·

KMW!JSV_W°KPM/y"J°"OX>KMW!G"!±¶ V_"OXF!W}¹DºkKMW!_JSV_WSK"M·V! MHRV_"OX]WYNKM·WSKOXD¹Y¹}¹Dº

" ¡J 3G"PSKWO K)J_[V_]WN"M/ &G"_ RJpKQ!_ ¹}¹Dº

D¹"?¹k© º6© "G

<f.3a.')(e9fF.&(!' L!.&S&e9f.gsD'9+'9sZhFs^b3hek'9+/e9f.+H8"0:Pa8_tfc>6f.&(!'MLv.&S&e9f.>sZ'9+hFsbhFe\b!8"+ .&*"hFe¡t?hFe

m}ey8"a_ey.!%X"+¶8"+¶.sut?ey2D:"a8vtfRe9f.Xey'9sD.v"aX'9+(!.a_ey'*P+(&'( D¹

¦±# RH" ." ¹S± E Fº ¹

D¹ ª© ¹©

<f.3a.N')(ge9f.>(!' L!.D*Sge9f.XsD'9+'9sZhFs^b3he

JSWSKUU\ DODKMFKOX]O V_]W77FJSgJLKQ!g "J M"W7!!M¸KMV_ "JSN}

¹_º! F!lMNFDKM '^O J&W/_[ "V_WS¶"MXMNFDKM ' MN ' V_"YJSPMNJ&W ¸JJpKF·!OjW